Apr 26, 2007 2:52 pm US/Central
Twins Ballpark Plan Clears Another Hurdle
Minneapolis (AP) ―
-
-
The commission voted 4-3 to approve the $390 million project. The plan calls for $90 million to come from Hennepin County taxpayers.
Minnesota Twins
The proposed ballpark for the Minnesota Twins advanced Thursday when the Hennepin County Board approved a development agreement for the $522 million project, which includes a 30-year lease binding the franchise to the facility, and grants the Twins almost every dollar generated within its walls.
"This is another huge milestone," said Dave St. Peter, president of the Twins. "Symbolically, it means a 30-year lease, which is a huge deal for this franchise. What this mean is the new ballpark is fast becoming a reality. We persevered for this and now we can see it. "
The ballpark is scheduled to open in 2010.
Dan Kenney, executive director of the ballpark authority, said, "This is a huge step. Not only do we now have a roadmap on how to get this done, we also have a 30-year lease."
Under the deal, the Twins get to keep all revenue from ticket sales, advertising, naming rights, tours and concessions during baseball games. The team must share 10 percent of net revenues from nonbaseball events with the authority.
The team will be charged $900,000 in annual rent, with a portion of that subject to inflation. The money will flow into a maintenance fund.
Unlike the Metrodome, day-to-day operations of the ballpark will fall to the Twins.
Jerry Bell, president of Twins Sports Inc., said preparing the site's foundation likely will delay the groundbreaking until August.
In addition, Hennepin County Attorney Mike Freeman requested in court that the hearing on condemning the land at the proposed site be delayed by four to six weeks, to give the county more time to prepare and give the Twins a chance to take a greater role in condemnation discussions. Freeman was told to make his request in writing.
-------
The Metrodome replaced Met Stadium, which used to be in Bloomington. The Mall of America now stands in that site.
(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
Slideshow: New Twins Ballpark Plans
Click to enlarge
Stumble It!
